SCOREBOARD: Risk revival

Risk appetite stirred on solid US data and European bond auctions, but EU markets were the biggest winners.

Solid US employment data and decent demand at French and Spanish bond auctions have seen US Treasuries sell off overnight (partially reversing as I write), in one of the biggest downside moves so far this year. Equities were bid while action elsewhere was a little more mixed. So the Treasury curve steepened as the US 10-year yield rose about 8bps (1.97 per cent at the time of writing), while the 2-year was 1bp higher (0.23 per cent). The 5-year was up just under 6bps (0.85 per cent), all of which saw Aussie futures offered – the 3s and the 10s down roughly 5-6 ticks to 96.78 and 96.15 respectively.

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